Property management in Orlando

The importance of keeping your escrow account up to date

New year is typically a time of reflection and new starts.

For us, here at White Rose Villas HQ, we’ve been working hard over the holiday period to bring all accounts up to date as part of our start to 2022 so we can go into the new year with our best foot forward.

Like most of the travel sector, we’re hoping that 2022 marks a new beginning in the state of international travel. The good news is that, thanks to vaccines and our growing understanding of the virus and the way it spreads, nations around the world are beginning to learn to live with COVID-19.

Fluctuating cashflows over the last two years

The bad news, from our homeowners’ point of view, is that all the cancellations and re-bookings we’ve had to manage have taken their toll over the last two years. Cashflows have fluctuated much more than normal.

As a result, we’ve tried to be as flexible as possible with all our homeowners as we work together to support each other through these difficult circumstances.

However, even allowing for the changes and cancellations that have been disrupting all of our cashflows, we need to remind you that it is absolutely vital to maintain your escrow balance at all times.

Why keeping funds in escrow is important

Keeping your escrow account topped up is vital because it gives us instant access to funds we can use on your behalf. If your home requires emergency repairs, we will need these funds to be able to act quickly. Even in normal times, we need these funds to cover the ongoing housekeeping bills that keeps your house looking great and your guests happy.

The difficulties with escrow funds

During the pandemic, some homeowners have relied on us to undertake vital work and continue with ongoing housekeeping without ensuring these funds are available to us. This means that they are effectively using us as a free credit service.

Of course, this isn’t a sustainable business model for us and, as such, we’re taking this new year period as an opportunity to remind everyone of their responsibilities as a White Rose Villas homeowner.

Homeowners must keep at least $1,000 in their escrow account at all times (unless you have agreed a different minimum amount with us due to the size of your home). You’ve already agreed to do this when you signed your contract with us.

New rules around escrow

If you do not abide by your side of the contract, we are going to have to start passing on overdraft, interest and admin fees. Although this is our standard procedure as outlined in your contract, we have tried to avoid doing this until now.

We know it has been a difficult few years, but we do have to maintain efficient operations for everyone’s benefit – and this means that everyone needs to operate on the same basis. We simply can’t allow a few homeowners who want to use us as a free credit service to increase the costs of operation for everyone else.

We thank you all for your cooperation in this matter. And we look forward to a fantastic 2022 with you all.

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